With Shimano chains,
probably because they're not made in-house
and if the outsourced manufacturer raises prices
it becomes practically impossible for the company to maintain prices through cost-cutting efforts
there have been repeated price hikes over the past five years or so.
The increase is bigger than the Dow average or something, wow.

↑The image on the left is a 10-speed HG-X chain,
Deore grade CN-HG54,
and on the right is a 9-speed HG chain,
non-graded model CN-HG53.
Regarding the numbers at the end, they go like 51, 52, 53, 54, 55... in sequence,
but that's not necessarily a hard rule,
so I can't say for certain that higher numbers mean higher grades, but

Shimano has three-tier grade classifications for certain parts
like wires, disc rotors, and chains,
with tiers from top to bottom being: Ultimate, Advanced, and Select
(I couldn't find official katakana spellings, so I just wrote these phonetically—
apologies if the official versions are actually "Ultimat" or "Advancdo" or something).

↑CN-HG54 is Advanced,

↑CN-HG53 is Select.
These two chains have different numbers of compatible sprocket cogs,
so it's not a case of choosing one or the other for the same bike,
but technically CN-HG54 with the larger number is considered the higher grade.
By the way, the higher model CN-HG95 above CN-HG54
is classified as XT/XTR/SLX grade,
but even though it includes XTR it's still listed as Advanced.
This is because it's no longer in the current product lineup. For 10-speed road chains,
now that CN-7800 and 7801 have been discontinued,
the old Altegra grade models are still kept in stock as spare parts—
the current CN-6600 box still has Dura-Ace marking on it for this reason.
By the way, CN-6600 is also Advanced (→here).

CN-HG53 comes in three different lengths; this one is 114 links,
but CN-HG54 only comes in 116 links.
So, at the time I'm writing this article, the non-tax suggested retail prices are:
CN-HG54 at 2,554 yen,
CN-HG53 at 2,698 yen / 2,740 yen / 2,783 yen for 114/116/118 links respectively,
which means CN-HG53 is more expensive—a strange situation.
What's strange isn't really this contradiction so much as
the price increase rate of CN-HG53. According to the 2017 spare parts catalog,
the number of links isn't specified (probably 116 links)
but the non-tax suggested retail price was 1,494 yen.
CN-HG54 on the same page was 2,432 yen.
Calculating the price increase rate from the 2017 catalog prices,
CN-HG54 is up about 105%, while CN-HG53 is up about 183%.
And both of these chains are
the lowest-price repair/replacement models for Shimano-genuine
10-speed HG-X or 9-speed HG chains.
Were chains ever this expensive? It feels like a different era.
By the way, CN-HG53 jumped sharply in price (167% compared to pre-increase) at the
price revision effective May 1st, 2018 (→here).
and if the outsourced manufacturer raises prices
it becomes practically impossible for the company to maintain prices through cost-cutting efforts
there have been repeated price hikes over the past five years or so.

↑The image on the left is a 10-speed HG-X chain,
Deore grade CN-HG54,
and on the right is a 9-speed HG chain,
non-graded model CN-HG53.
Regarding the numbers at the end, they go like 51, 52, 53, 54, 55... in sequence,
but that's not necessarily a hard rule,
so I can't say for certain that higher numbers mean higher grades, but

Shimano has three-tier grade classifications for certain parts
like wires, disc rotors, and chains,
with tiers from top to bottom being: Ultimate, Advanced, and Select
(I couldn't find official katakana spellings, so I just wrote these phonetically—
apologies if the official versions are actually "Ultimat" or "Advancdo" or something).

↑CN-HG54 is Advanced,

↑CN-HG53 is Select.
These two chains have different numbers of compatible sprocket cogs,
so it's not a case of choosing one or the other for the same bike,
but technically CN-HG54 with the larger number is considered the higher grade.
By the way, the higher model CN-HG95 above CN-HG54
is classified as XT/XTR/SLX grade,
but even though it includes XTR it's still listed as Advanced.
This is because it's no longer in the current product lineup. For 10-speed road chains,
now that CN-7800 and 7801 have been discontinued,
the old Altegra grade models are still kept in stock as spare parts—
the current CN-6600 box still has Dura-Ace marking on it for this reason.
By the way, CN-6600 is also Advanced (→here).

CN-HG53 comes in three different lengths; this one is 114 links,
but CN-HG54 only comes in 116 links.
So, at the time I'm writing this article, the non-tax suggested retail prices are:
CN-HG54 at 2,554 yen,
CN-HG53 at 2,698 yen / 2,740 yen / 2,783 yen for 114/116/118 links respectively,
which means CN-HG53 is more expensive—a strange situation.
What's strange isn't really this contradiction so much as
the price increase rate of CN-HG53. According to the 2017 spare parts catalog,
the number of links isn't specified (probably 116 links)
but the non-tax suggested retail price was 1,494 yen.
CN-HG54 on the same page was 2,432 yen.
Calculating the price increase rate from the 2017 catalog prices,
CN-HG54 is up about 105%, while CN-HG53 is up about 183%.
And both of these chains are
the lowest-price repair/replacement models for Shimano-genuine
10-speed HG-X or 9-speed HG chains.
Were chains ever this expensive? It feels like a different era.
By the way, CN-HG53 jumped sharply in price (167% compared to pre-increase) at the
price revision effective May 1st, 2018 (→here).